Health and Science

Senate Health-Care Bill Would Raise Taxes: Grassley

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Democrats on the Senate Finance Committee are cheering the latest estimates on its health care bill, but Sen. Charles Grassley, R-Iowa told CNBC that such legislation would impose tax hikes on premium payers.

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(See the accompanying video for the complete interview.)

"The big untold story here is that most everybody is going to see their premiums go up for a couple reasons," he said. "People who don't have health insurance are going to be mandated to by health insurance and if they don't buy health insurance their family is going to pay a $1,500 penalty... And secondly, there are taxes on insurance companies."

Although premiums will go up immediately, said Grassley, the bill won't kick in until 2013.

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